EURJPY—weakness

One can see that the daily flag hasn't quite panned out. It looks as though EURJPY is correcting but for now the 112 area is holding and has been since the 8th. A break below here targets 111.24 and 110.77 at which point I'd most likely buy. Until that happens, one has to assume a consolidation but a break below both price and RSI on the daily chart suggests lower prices. 115.69 is still the upside number to watch.

Here's the daily chart:












© Dianne Fecteau, 2011. No part of this material may be reproduced in any form, or referred to in any other publication, without the express written permission of the author.

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